RedBird Buys Stake in Formula 1
Posted on 06/27/2023
The lead investor in Renault SA’s Alpine Formula 1 team is RedBird Capital Partners. The deal will provide US$ 218.3 million in exchange for a 24% stake in the enterprise. The value of the team now sits at $982.57 million. Other investors include Otro Capital and Ryan Reynolds’ film investor, Maximum Effort Investments.
Formula 1 has had its hands full with the repaving of Las Vegas, and after beginning the project, asked the city to contribute up to half of the cost. SWFI sources on the ground say the request was met with significant skepticism from influential city officials who noted they were under no obligation to pay, nor would allocating large sums to the project be prudent municipal management.
There will be an estimated 18,000 spectators watching Formula 1 over the newly-paved roads in August.